There are several key members to any good real estate team. You often need an assessor, an attorney and sometimes even someone to stage and photograph your home. For a homeowner who’s considering selling their house, however, the listing agent is the most essential player.
The listing agent represents the homeowner, in terms of residential real estate. A listing agent can also represent a home buyer as a dual agent in some instances. It is the listing agent’s job to market the homeowner’s home, most traditionally, though. Adding property to the multiple listing service, also known as MLS more colloquially, is how this is done. By presenting offers to the homeowner and essentially overseeing the entire real estate transaction from the first offer to the home’s closing date, the listing agent is the primary representative.
A buyer’s agent is different than a listing agent, though, and it is important to understand the differences between them. One of the buyer’s agent’s main responsibilities is to find properties for a buyer to look at during his or her housing search. This type of agent only concerns himself with the buyer’s best interests. All services rendered by the buyer’s agent are consequently paid for by the house buyer.
A listing agent, on the other hand, is paid by the seller. This usually occurs after the sale of the home, since the listing agent will take a percentage of the money the seller receives after its sale. The actual percentage amount varies from state to state, averaging out around 3.5% of the total purchase price of the home. This amount is agreed upon by the seller and the listing agent in a contract. The contract is set for a specified time period. If the listing agent fails to find a buyer during that period and the seller opts not to renew the contract, the listing agent is owed no commission percentage.
A listing agent is thus a good option to go with if you’re trying to sell your home and need some help with the ropes of the real estate market. While sometimes they can split their loyalties between a seller and a buyer, a listing agent’s primary responsibilities and duties are geared toward the home seller and obtaining the best opportunities to get a home sold quickly for the money it is worth.
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